Nuveen Pays $151M for LA Industrial Campus

La Mirada Distribution Center. Image courtesy of Cushman & Wakefield

Nuveen Real Estate has acquired La Mirada Distribution Center, a 337,125-square-foot industrial campus in La Mirada, Calif. Clarion Partners sold the asset for $151.2 million, according to Los Angeles County records. The Class A property previously changed hands in 2019, when the previous owner purchased it for $76.8 million, according to CommercialEdge data.

Completed in 1997, the two-building business park features ESFR fire sprinklers, 30-foot clear heights and approximately 87,129 square feet of food-grade refrigerated space. The asset was fully leased at the time of sale to Fashion Furniture Rental, Weee! and Westset Logistics Distribution.

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Located at 14001-14007 and 14041-14051 Rosecrans Ave., the 14.4-acre property is roughly 18 miles from downtown Los Angeles, north of Interstate 5. The ports of Los Angeles and Long Beach, as well as Los Angeles International Airport, are approximately 26 miles away. The surrounding area also includes Southern Wine & Spirits Distribution Center, Weber Logistics, Ultra Solution and Unified Grocers, among others.

Cushman & Wakefield‘s Jeff Chiate, Jeff Cole, Rick Ellison, Mike Adey, Brad Brandenburg and Matt Leupold represented the seller, while Randy Ellison provided local market advisory.

CommercialEdge data shows Nuveen owns some 3 million square feet of industrial space in the Los Angeles metro, while its national portfolio adds up to nearly 72 million square feet. In September, the company grew its Houston footprint with the purchase of an industrial campus totaling 281,481 square feet in Spring, Texas.